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Health care has recently undergone a major transition. Across the board, health insurers are reimaging and reshaping the ways in which they insure people in order to help improve their members’ health. Additionally, employers are looking for ways to better support employees, consumers are prioritizing health and wellness, and brokers and HR managers are searching for new, customizable options.
Stemming from the demand for customization, less risk, and more health care options, insurance brokers are experiencing an increase in demand for level-funded plans, which are an exciting offering providing predictability, funding diversity and innovation to their portfolio. Recently, more and more clients are requesting these plans and looking to implement them for employer customers.
Related: Infographic: Trends in self-funded group health plans
The benefits of level-funded plans are evident and extensive. Through this product offering, companies pay one fixed monthly premium for all costs and at year-end, if claims are less than what was originally projected, the employer will retain the surplus. If claims are more than projected, the employer does not have to pay anything additional to cover the extra costs because of stop loss insurance protections.
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